Harley-Davidson CEO Keith Wandell named board chairman as company says timing is right

Harley-Davidson Inc. said Tuesday that Keith Wandell, its president and CEO, has taken on the role of chairman of the motorcycle maker's board of directors.

Wandell joined Harley-Davidson in 2009. At that time the board wanted him to devote all his energy on business strategy, without the distraction of the responsibilities of leading the board. But the company said Tuesday that given the company's progress over the past three years, it is the right time to bring the roles together.

"Keith is a transcendent leader who has done an outstanding job of guiding Harley-Davidson in a period of extraordinary challenge and transformation," said Barry K. Allen, who has served as non-executive chairman since 2009.

The board also named Richard Beattie as its lead director. He will head oversight and monitoring activities that would otherwise be handled by a non-executive chairman.

Harley-Davidson also announced that its board has increased its quarterly cash dividend by 24 percent. The payment of 15.5 cents per share will be paid March 2 to shareholders of record as of Feb. 21. That first-quarter payment is up from its fourth-quarter payment of 12.5 cents.

Shares of the company rose 59 cents to close at $45.91 Tuesday.

About Rick Barrett

Rick Barrett covers manufacturing, telecom and agriculture. He has received Best in Business awards from the Society of American Business Editors and Writers and was co-recipient of a Barlett & Steele award for investigative business journalism.